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Week commencing 15 January 2018
Edo state governor Godwin Obaseki has signed a memorandum of understanding with China Harbour Engineering Company (CHEC) for the development of the Gelegele Seaport and other transport infrastructure. The deal will see CHEC lead the development of the seaport that will serve as a gateway for exporting manufactured goods from the Benin Industrial Park, which is still under construction, and other manufacturing companies in the region.
The Guardian (Nigeria) 10 January
Work on the 600MW extension of Hwange Power Station is set to begin soon after China reaffirmed its commitment to facilitate the $1,5bn upgrade, among several other potential areas of trade and investment cooperation with Zimbabwe. The contract for the upgrade has been awarded to Chinese firm Sino Hydro, although financial closure is yet to be concluded amid concerns that Zimbabwe’s failure to service previous debts could be a stumbling block. However, China’s ambassador to Zimbabwe, Huang Ping, has given his reassurance that work on the Hwange power project will begin at the earliest date possible.
The Herald Zimbabwe 10 January
Cameroon’s third-largest cocoa exporter, Producam, has been granted a funding facility by American private equity firm Milost Global. The $500m facility will help develop several Producam projects, including the construction of a cocoa bean processing unit with a capacity of 32,000 tonnes, expandable to 64,000 tonnes. The processing unit will be commissioned in the fourth quarter of 2018 and will produce cocoa butter, cocoa paste and cocoa powder.
Business in Cameroon 11 January
Mediterrania Capital Partners, a private equity firm focused on growth investments for small and medium enterprises in north and sub-Saharan Africa, has invested in Groupe Scolaire René Descartes, a private educational institution specialising in French and Tunisian programmes. The French private system offers teaching programmes ranging from pre-primary to high school, and is one of only three independent schools in the country to work with the Agence de l’Enseignement Français à l’Étranger (International French Teaching Agency).
Africa Global Funds 11 January
Lifestyle brand Miniso opened its first variety store on 22 December at the Village Market, with a second store set to open at the Thika Road Mall on 15 January. The stores are part of Miniso’s global expansion plan. The company is also looking for companies to convert into local franchisees to help open more stores later in the year. Its products range from homeware and electronics to fashion and accessories.
Business Daily 10 January